All Forum Posts by: Chris McCormack

John Krause with Starvox Capital (https://starvoxcapital.com/) Tell him Chris sent you ;)

Agree with @James Parrish - passive losses can be used only to offset passive income. A good real estate CPA will make this clear to you and work through all options to decrease your tax burden.

Most CPAs are remote these days - I would focus on real estate specialization over location. You may pay a higher price but they should return tenfold in tax savings.

 Interesting take - everything from furniture to appliances to light fixtures can be depreciated. Whether or not it matches up to the cost is a different story but a story that can be answered by looking over the free cost seg estimate they give you

A lot of CPAs and advisors are working remotely these days - looks like people have recommendations in the area just know location isn't as important as specialization.

If you needed brain surgery would you focus more on price or specialization? Something as in depth as cost segregation (which pays for itself in tax savings) is worth investing in up front. I would also encourage talking with your CPA to get everyone on the same page.

A lot going on here @Russell Taylor (warrants more than a blog response) I would find a real estate specific CPA who is willing to take a legal yet effective approach to lower your tax burden

@Gregory Alexander, @Meredith Sells I would focus more on real estate focused CPA and less on location - many CPAs are working remotely these days.

Tax note - if you don't qualify for REPs, the short term rental loophole may benefit you

Hi @Lisa Wright, might help to provide further information. The HELOC on your current home will come to you tax free - IRS says all debt is free of tax. If you are wondering what happens if and when you sell your current home there are a few situations. If its a primary residence and you've lived there for a few years, you may qualify for an exclusion - talk with a tax professional about this.

If its an investment property you're looking to sell then yes you would need to consider finding a property of equal or greater value and consider the 1031 exchange. There are a few other options but without all the details its hard to tell. A CPA / tax strategist will be happy to help you.